The Pelican Bay Foundation is organized and operated exclusively for charitable and educational purposes within the meaning of Section 501(c) (3) of the Internal Revenue Code. The purposes of the corporation are:

a. to support the arts by promoting and developing programs and facilities which will provide low cost studio and living space for artists and to create a milieu wherein the arts may develop and prosper; and

b. to develop and operate educational programs in the arts, through the artists who participate in the organization, for the benefit of the entire community.